Oprah to OWN her own cable channel

Who needs a YouTube channel when you can have your own cable network? Estrogen-drenched media mogul Oprah Winfrey has formed a cashless 50-50 joint venture with Discovery Communications to launch the Oprah Winfrey Network in mid-2009. The channel will replace the Discovery Health channel and, in exchange, Discovery will operate the Oprah.com website. With her name all over the network — and her aspirations for global dominance spelled out in the channels acronym — Winfrey appears fully committed to this latest venture. Unlike her last cable channel, Oxygen.

Winfrey backed out of of the hybrid Internet-cable venture when she quietly sold her stake just prior to NBC Universal's acquisition of the languishing property. "Fifteen years ago, I wrote in my journal that one day I would create a television network, as I always felt my show was just the beginning of what the future could hold," says Winfrey. What happens to a dream deferred? If at first you don't succeed, try, try again. (Photo by George Burns)